Equinix Inc. (EQIX) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Equinix Inc. (NASDAQ:EQIX) from a hold rating to a buy rating in a research report released on Wednesday morning. Zacks Investment Research currently has $400.00 target price on the stock.
According to Zacks, “Equinix is a global provider of network-neutral data centers and Internet exchange services for enterprises, content companies, systems integrators and network service providers. Estimates have been moving up lately for Equinix. Over the past several quarters, the company has been witnessing strong year-over-year revenue growth, mainly driven by strong demand for Equinix’s cloud services by corporations. Growth across geographies and business segments also had a positive impact on revenues. The company strives to enhance customer experience through the Equinix Customer One program. Moreover, the company’s recurring revenue model and current expansion plans are encouraging. However, intensifying competition from peers, highly leveraged balance sheet and industry consolidation remain the headwinds.”
EQIX has been the topic of several other research reports. Canaccord Genuity reiterated a buy rating on shares of Equinix in a report on Thursday, June 16th. JPMorgan Chase & Co. reiterated a hold rating and issued a $428.00 price target on shares of Equinix in a report on Tuesday, August 9th. Jefferies Group reiterated a buy rating and issued a $380.00 price target on shares of Equinix in a report on Wednesday, July 6th. Barclays PLC upped their price objective on Equinix from $340.00 to $360.00 in a research report on Tuesday, June 21st. Finally, Citigroup Inc. upped their price objective on Equinix from $391.00 to $400.00 and gave the stock a neutral rating in a research report on Thursday, August 4th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $392.38.
Shares of Equinix (NASDAQ:EQIX) opened at 358.21 on Wednesday. Equinix has a 52-week low of $255.45 and a 52-week high of $391.07. The company has a market cap of $25.46 billion, a PE ratio of 353.61 and a beta of 0.80. The stock’s 50 day moving average is $369.15 and its 200 day moving average is $351.29.
Equinix (NASDAQ:EQIX) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.64 by $3.08. Equinix had a return on equity of 6.02% and a net margin of 2.07%. The business earned $900.50 million during the quarter, compared to analyst estimates of $893.99 million. During the same quarter last year, the company posted $1.03 EPS. Equinix’s quarterly revenue was up 35.3% compared to the same quarter last year. Equities analysts forecast that Equinix will post $14.93 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 14th. Shareholders of record on Wednesday, August 24th were paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date was Monday, August 22nd. Equinix’s dividend payout ratio (DPR) is presently 654.21%.
In other Equinix news, COO Charles J. Meyers sold 200 shares of the firm’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $364.90, for a total value of $72,980.00. Following the completion of the sale, the chief operating officer now directly owns 1,845 shares of the company’s stock, valued at approximately $673,240.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sara Baack sold 300 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $353.96, for a total value of $106,188.00. Following the completion of the sale, the insider now directly owns 6,004 shares of the company’s stock, valued at $2,125,175.84. The disclosure for this sale can be found here. 0.69% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Equinix by 7.7% in the second quarter. Vanguard Group Inc. now owns 11,437,858 shares of the company’s stock worth $4,434,802,000 after buying an additional 820,887 shares during the period. Norges Bank acquired a new stake in shares of Equinix during the fourth quarter worth about $214,467,000. Sarasin & Partners LLP increased its stake in shares of Equinix by 544.5% in the first quarter. Sarasin & Partners LLP now owns 614,062 shares of the company’s stock worth $203,076,000 after buying an additional 518,792 shares during the last quarter. State Street Corp increased its stake in shares of Equinix by 10.2% in the first quarter. State Street Corp now owns 2,746,386 shares of the company’s stock worth $908,250,000 after buying an additional 254,160 shares during the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Equinix during the second quarter worth about $91,877,000. 99.86% of the stock is owned by institutional investors and hedge funds.
Equinix, Inc (Equinix) connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems.
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